Podium Minerals Limited (ASX:POD) continues to extend Mineral Resources along the full 15km strike length of the company’s 100% owned Parks Reef PGM Project near Meekatharra in Western Australia.
New drilling results from the eastern sector of Parks Reef, completed prior to the end of 2020, include platinum, palladium and gold assays from drill holes spanning approximately 1.2km in the eastern extents of Parks Reef plus base metal assays from the mineralised intercepts in previously reported drill holes.
Drilling to date by Podium has delivered Inferred Mineral Resources containing a total of 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes copper.
The Mineral Resources defined to date extend over a total of 8.5km of the identified 15km mineralised strike length in Parks Reef and within 100m of surface.
The latest resource upgrade incorporated the results from 17 drill holes for approximately 1,870m of drilling over 1.6km in the western sector of Parks Reef. The resource upgrade delivered a 22% increase in contained 3E PGM representing 250,000 ounces of platinum, palladium and gold.
As part of the accelerated growth strategy for the Parks Reef PGM Project, Podium is currently undertaking an expansive drilling programme with an objective to extend the Mineral Resources along the full 15km strike length within 100m of surface. The drilling will then transition to in-fill and depth extension to delineate a materially significant resource base and provide the foundation for a Scoping Study to define the optimum development pathway.
The latest drilling resultsfrom 11 holes spanning approximately 1.2km in the eastern extents of Parks Reef show all drill holes intersected the main PGM horizon.
The PGM grades are consistent with the current Mineral Resources including: 10m @ 1.53g/t 3E PGM from 93m; and 13m @ 1.49g/t 3E PGM from 57m .
The PGM intercepts regularly including a high value interval with: 3m @ 2.06g/t 3E PGM from 93m; and 4m @ 2.27g/t 3E PGM from 89m.
It was previously reported that drill holes PRRC103, PRRC104 and PRRC105 had not intersected the main PGM horizon. The latest assay results confirm the presence of significant copper intercepts in the bottom of these of these holes which indicates that the holes ended in the base metal horizon. As part of the ongoing drilling activity these holes have now all been extended (PRRC103 and PRRC105) or redrilled (PRRC104).
The current drilling is part of approximately 7,000m of RC drilling along the full strike length of Parks Reef which includes:
- Resource drilling to extend the existing Inferred Mineral Resource along the full 15km strike length of Parks Reef to a depth of 100m below surface;
- Drill testing for fault repetition of mineralisation in the central sector of Parks Reef which has the potential to further increase the defined resources in this area; and
- Drill testing of the western extension target.
Following the recommencement of drilling in early February, further drilling has now been completed in the eastern sector of the reef including the extensions to drill holes PRRC103, PRRC104 and PRRC105, with initial results from these new drill holes anticipated around the end of March.
The drilling is progressing from east to west with drilling currently underway in the central sector which includes a combination of the resource extension drilling plus testing targets for fault repetition of mineralisation. The fault repetition targets were identified during recent resource modelling and have potential to further increase the resources within the existing reported areas.
Drilling will then move to the western extension which is a potential 1.2km long extension of the western flank of Parks Reef that has been fault offset from the 15km extents of the currently identified mineralisation. The target was identified from magnetic imagery and is supported by geological mapping with anomalous rock chip results completed by Podium4.
The geological setting in the western extension is of interest due to the close proximity to the basal granite contact of the intrusion which may provide conditions for compression and increased grade of the mineralisation.
This drilling is anticipated to be substantially complete by the end of March 2021, and pending assay turn-around times drill results will be progressively released during April and May 2021. The drill results will be incorporated into resource modelling with a material resource upgrade covering the full strike length of Parks Reef to 100m depth targeted for June 2021.
Podium is also planning its ongoing work programmes through 2021 with a focus on expanding the resource base and increasing the resource confidence through a combination of in-fill drilling and extension drilling at depth.
A diamond drill rig will be mobilised for the extended drilling programmes which will initially target high grade and thick mineralised zones to further build out a materially significant resource base and to support a scoping study with maximised revenues in the initial years of the mine life.
